Rise in foreign arrivals pushes travel receipts up by 14.2 pct in June
Current account surplus at 842.3 million in June, assisted by services balance
Primary cash balance posts deficit of 46 mln at end of July
Industrial turnover up by 8.1 pct in June for eighth consecutive rise
Budget primary surplus at 3.05 bln in 7-month, above target on underspend
Building activity up by 45.7 pct in May, highest since Dec 2005
2014 draft budget: An ambitious fiscal consolidation targeting a primary surplus of 1.6 pct
The Ministry of Finance (MoF) tabled the 2014 draft budget to the Greek parliament on Monday with headline figures confirming recent press reports. As was broadly expected, 2014 will be another year of ambitious budget consolidation with a further cut in primary expenditure by 2.77 billion year on year (yoy) and a revenue increase of 2.55 billion yoy (both on a cash basis) to reach the MoU target of a general government (gg) primary surplus at 2.84 billion (1.6 percent of GDP).
The achievement of a sustainable primary surplus has emerged as the Holy Grail of Greece’s fiscal adjustment as it would pave the way for official discussions on the ultimate target of debt easing measures to begin in the coming months.
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